Unit 5 Honors - Govt & Economy

This is levied on specific goods when they are produced, but is usually passed on to the consumer. Also known as a "sin tax"

• estate tax

• income tax

• excise tax

• flat tax

Imagine that the Fed announces they're raising interest rates from 1% to 3.5%. This tells us that inflation is probably ____ and they want the economy to ____.

• low, slow

• low, grow

• high, slow

• high, grow

Which of these is NOT a role of the Federal Reserve?

• The regulator of all US banks

• Agency that collects all tax revenue

• Central bank of the US

• Bank for the government and other banks

True or False: The federal government ONLY collects revenue via taxes.

• True

• False

True or False: Sales tax is the same in all 50 states.

• True

• False

True or False: Income tax is different from state to state.

• True

• False

GDP is the total value of _______ in a specific period of time.

• All imports the US receives

• All incomes of a country's residents, minus all debts owed

• All goods exported by the US

• All goods made & services provided in a country

Lindsay is 15 and not looking for a job because she's busy with school & sports, plus she cannot drive. She is ...

• employed

• unemployed

• not in the labor force

Jon was working at Twitter, but was laid off earlier this month. However he found a new job at Meta and started yesterday. He is...

• employed

• unemployed

• not in the labor force

Andrew was working at Jersey Mike's. However he was fired because he was consistently late, or didn't show up to work at all. He is ...

• employed

• unemployed

• not in the labor force